The global solid tumor cancer treatment market was valued at US$ 121.3 Bn in 2018 and is expected to reach US$ 424.6 Bn by 2027, expanding at a CAGR of 15.0% from 2019 to 2027.
As per the research findings of the International Agency for Research (IARC) on Cancer in association with the World Health Organization (WHO), approximately 18.1 million new cases of cases were reported. They also claim that 1 in 6 women and 1 in 5 men are likely to develop cancer during their lifetime. Breast cancer is dominating the indication segment for the solid tumour cancer treatment market. The major factors hold responsible for its rising prevalence in the female population worldwide are hormonal imbalance during the menstrual cycle, unhealthy lifestyle and low or no breastfeeding during a lifetime. A significant spurt is expected to be seen in the prevalence rate of lung cancer throughout the globe on account of a significant rise in the number of smokers and rising air pollution at an alarming rate.
Chemotherapy is currently the largest market in the therapy segment for solid tumour cancer treatment. The availability of its generic version at affordable cost increases its popularity in treating cancer. It is used alone or in combination for treating tumours in different parts of the human body. Biological molecules such as immunotherapy and targeted therapy are gaining prominence in cancer treatment on account of its excellent pharmacodynamic features ensuring minimal side effects and maximum therapeutic efficacy. A favourable reimbursement scenario further increases its demand for cancer treatment.